InterMedia Offers $240M For Outdoor Channel, Topping Kroenke Bid
InterMedia yesterday "unexpectedly" launched a $240M counteroffer for Outdoor Channel, challenging Kroenke Sports & Entertainment's bid. The InterMedia bid, valued at $9.15 per share, "would win back the network that was snatched from its grasp in an eerily similar fashion in March." Outdoor Channel shareholders were scheduled to vote on KSE's $227M bid on May 8. Whether the new bid "will force KSE to come back with an even richer offer remains to be seen" (MULTICHANNEL.com, 4/30).